S&P lowers Kazakhstan’s ratings

14:25, 19 February 2016

BAKU. KAZINFORM Standard & Poor's Ratings Services lowered its long-term foreign and local currency sovereign credit ratings on the Republic of Kazakhstan to 'BBB-' from 'BBB', the agency reported on February 18.

The agency further lowered the short-term foreign and local currency ratings to 'A-3' from 'A-2'. The outlook on the long-term ratings is negative.

In mid-January 2016, S&P materially lowered its oil price assumptions for the period 2016-2019.

Prices for crude oil in spot and futures markets are about 70 percent below mid-2014 levels, when prices began to slide. When S&P last reviewed Kazakhstan in September 2015, the agency expected Brent oil prices to average $65 per barrel (/bbl) in 2016 and $75/bbl in 2017 and beyond. S&P now assumes an average Brent oil price of $40/bbl in 2016 and $45/bbl in 2016-2019, the statement said.

S&P does not expect the Feb. 16, 2016, agreement between oil ministers from Qatar, Russia, Saudi Arabia, and Venezuela to freeze output at the levels reported in January to have a material impact on our oil price assumptions.

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